The SEC of Thailand Approves First ICO Portal
By Tyler Smith – Crypto Broker
The Securities and Exchange Commission (SEC) of Thailand has approved the country’s first portal for screening Initial Coin Offerings (ICO).The portal will be used to establish project consistency to its whitepaper, validate the ‘know your customer’ process and perform due diligence on tokens they are seeking to list. Once live, users will be able to exchange Bitcoin or sell crypto to participate in an ICO.
The SEC initially reviewed 7-8 portals for selecting ICOs and approved just the one. The SEC have not released any further details about the portal except that it’s a non-Thailand venture. The portal has been forwarded to the government agencies and, if approved, it would launch its first ICO deal under the new digital asset royal decree.
More and more companies are seeking to sell cryptocurrency via an ICO to raise funds. This portal comes at a time when the SEC are seeking to introduce regulatory framework for those seeking to raise funds through a Security Token Offering. Projects that receive approval from the portal can apply to the SEC to list a security token.
Thailand’s current laws prevent any company tokenising a security and launching an STO. The SEC is currently addressing the criteria to introduce standardised rules for STOs to allow firms to apply for a securities operator licence when necessary. With the licence, a company will be able to exchange crypto for their security token.
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